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1,3-Butylene Glycol Market to $269.1 Million by 2030, says P&S Intelligence
APAC is also expected to account for the fastest rise in the consumption of this chemical in the coming years. Regional developing countries, such as India , China , Thailand , Vietnam , and Indonesia , are witnessing a rapid surge in disposable income. This is allowing people to spend more on things they considered an unnecessary expense earlier.
Seeing the rising demand for cosmetics, 1,3-butylene glycol market players are trying to develop a cost-effective fermentation method for the manufacturing of this chemical. The idea is to make the chemical more accessible for cosmetics and personal care companies, who are taking steps to augment the output of such products in tune with the growing appearance consciousness around the world.
The polyethylene glycol market garnered the highest revenue from the APAC region in 2020 because of the region's vast and growing pharmaceutical industry. India is one of the largest exporters of medical drugs, which keeps the demand for PEG and other raw materials high here. Moreover, PEG is an important raw material in the automotive and construction chemical sectors, which are also witnessing rapid growth in APAC.
Geographically, the Asia-Pacific paints and coatings market accounted for the largest share in 2020, and it is also projected to record the highest CAGR during the forecast period.
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Prajneesh Kumar
P&S Intelligence
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